Founders Financial Securities LLC has reduced its investment in AT&T Inc. by 55% during the third quarter of 2023, according to a report from Holdings Channel. The firm now holds 18,567 shares of the telecommunications giant, a decrease of 22,696 shares from the previous quarter, valuing its position at approximately $524,000 based on its latest filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also adjusted their stakes in AT&T recently. Chatham Capital Group Inc. increased its holdings by 5.3%, now owning 16,824 shares valued at $475,000 after acquiring an additional 850 shares. Similarly, Swedbank AB boosted its position by 0.6%, owning 3,450,014 shares worth $97.4 million following the purchase of 18,884 shares. Other notable increases include Optas LLC, which raised its stake by 2.6% to 25,046 shares valued at $707,000, and Kelly Financial Services LLC, which increased its position by 6.3%, now holding 12,175 shares worth $344,000.
Revolve Wealth Partners LLC made a significant move, raising its holdings by 34.1% during the same period, now owning 17,280 shares valued at $488,000. Overall, institutional investors and hedge funds collectively control 57.1% of AT&T’s stock.
Market Performance and Dividend Announcement
On Friday, AT&T’s stock opened at $24.60, reflecting a modest increase of 0.6%. The company has experienced a 52-week range with a low of $21.38 and a high of $29.79. Its market capitalization stands at $174.4 billion, with a price-to-earnings ratio of 7.99 and a price-to-earnings-growth ratio of 1.44. AT&T’s dividend payout ratio is reported at 36.04%, and shareholders can expect a quarterly dividend of $0.2775 payable on February 2, 2024, to those on record by January 12, 2024. This dividend translates to an annual yield of 4.5%.
Analyst Ratings and Future Outlook
AT&T has been the subject of various analyst evaluations. Recently, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating. Meanwhile, The Goldman Sachs Group adjusted its price target for AT&T from $33.00 to $29.00, maintaining a “buy” rating. In contrast, KeyCorp upgraded its rating from “sector weight” to “overweight” and set a target price of $30.00.
Other firms, including Citigroup and Wells Fargo & Company, have also revised their price targets downward, currently placing them at $29.00. Presently, one analyst has issued a “Strong Buy” rating, sixteen analysts have recommended a “Buy,” and nine have given a “Hold” rating. The consensus among analysts indicates a “Moderate Buy” rating with a target price set at approximately $30.24.
About AT&T
AT&T Inc. is a leading global telecommunications company, offering diverse communications and digital entertainment services. The firm specializes in consumer and business wireless services, broadband and fiber internet, and network infrastructure. Through its brand AT&T Mobility, the company provides a range of products and services, including mobile voice and data plans, home internet solutions, and managed connectivity services for enterprise clients.
For further insights into AT&T’s financial activities and investment strategies, interested parties can visit HoldingsChannel.com for the latest reports and updates.
